Montreal’s Fintech Cadence recently debuted the third cohort of Innovate Financial Health Lab, which assists fintech startups using technology to help improve the financial lives of underserved Canadians by making financial products and services more affordable.
The non-profit incubator and ecosystem development organization owns the six-month IFH Lab program, which is a no-fee and no-equity incubator for pre-seed to pre-series A fintech startups. The program is funded by several major entities including JP Morgan Chase, the Canadian Bankers’ Association, and The City of Toronto.
The cohort was announced at a kick-off party at the Centre for Social Innovation in Toronto. This year, over 30+ startups applied from across 6 Canadian provinces. The 8 selected startups are: Billi Labs, Chroma, Kunye, coCare, Flota, Requity Homes, Solvncii, and Walletifai.
“There is no longer a question of whether fintechs can play a role in supporting the financial health of Canadians,” said Fintech Cadence Executive Director Layial El-Hadi, “but rather the focus is on how can organizations like Fintech Cadence shed a light on the fintechs that are focusing on this objective and how can we create an ecosystem that encourages, supports, and helps them succeed and thrive.”
A dozen startups have gone through the program since 2020 and have collectively raised over $11 million in funding. Cohort graduates include Alberta’s ZayZoon, Quebec’s WALO, PEI’s MIQ, and Toronto’s PolicyMe.